New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-23
TO the Editor Of The Tribune.

in encouraging the STOCK Exchange element ~ 'no Wv
ton Exchange.
TO the Editor Of The Tribune.
SIR My strenuous action against the State of Georgia
been fully much matter OF duty. My large bonded
furnished facts which were not IN possession
duty in the case The United States Government is
confederation of the States OF the Union Georgia oS
example for all the Others reputation in that state
be accepted being right while the holders OF her
remain unarnished Notwithstanding the arocity OF the
population II so, how easyt would be Tor an ,ne
age Of an act OF repudiaon which takes but five min;
ucs time and costs no money How in that Sase Would
when all the States which comprise the United States
Government had resored TO such method Tor paying
have placed no blame at the doors OF the people OF
ter The blame does not rest there but with the
the Legislature and the officials that govern inc
State The people have been msled. have not before
any action against the state OF Alabama similar TO
that OF Georgia although had almost equal cause 10 40
So for the reason that the State of Alabama has under
taken to make settlement with her creditors Although
IL Is very feeble II is something In the line OF jug
tice Although the creditors. those that have settled
have probably received what amounts TO about 10 cents
the dollar II shows disposition on the part OF lhe
do something 10 provide for her defated ong
tons Georgia the other hand. has persstenty re-
fused anything in reference TO providing for any Of
since however IL has been intimated in article pub
lished in TnE TRIBUNE that had not acted fairy 20 ,ne
state of Alabama while being the financial agent curing
the year 1873 IL Is we'll perhaps for me now 10 sIe ,e
facts in the for the first time and 90 so ony as
matter OF enlightenment. have RETAINED from DONG 80
before as did desire in any to throw. by ntma
ton otherwise, any reflection upon the good i'h III"
The old firm OF Duncan sherman Co.. during the war
and years afterward, the financial agents
of the of Alabama The politics soon therealtet
changed to the control OF the Republican party IN thst
Duncan Sherman 4 co and given TO my firm. 1 took
special pride in the management OF the finances OF e
about the resources the state, etc. the bonds soon
were quoted and dealt in at the Ncw,1ork stock TX,
in Europe par and above, and so remained during le
Republican administration Of the State. The control Was
again obtained by Democratic party the agency was
taken from my firm and again placed IN the hanas oa
Duncan, sherman & Co. During mis- latter period ,he
quotation was at the Exchange or elsewhere
Tor any OF the bonds OF that state. .s,.,o,h Do.
When the election occurred In that state the le
publicans came back into office again and ar soon as ane
Governor aud ne yaIions oeas mcre nsea ed ~ upo
me with special message from the Governor urging
that wonld accept the financial agency OF the State OF
Alabama peremptoriy declined. He was very urgent;
lie said the people OF the state were anxious una,
did not told him would consider H. and he then left
mc. saving he would call the next day. which he did
want INC TO advance IT, He said no they would not
qurc any money that Was not the object AZ an the mao
in asking take the agency He promised me INA,
should not called upon for any money Under thc7e
circumstances | consented to take the agency -,
The Treasurer the proprietor aud editor OF one OF
the principal newspapers IN the state Ihe announce
ment change OF the financial agency wac lade ~
all article column In length anu yei} hatIefins one ~
was 10 my hrm and bright times for Alabaha were pre-
diccd ETC. similar 10 those which lad existed during tnc
time that my firm was financial agent before inis s
article was copied widely In the southern papers, aud
New York paper. gave ehtracs a og nTae
hedge IN financial agent Win soihe eenns o. Puo
Within "A week after this the Treasurer called upon me
and said while he bad promised not 20 ask me tof
any money. lac found he was competed 70 90 80 A. ne
could not borrow dollar anywhere else ad the Interest
was about coming due; that he wanted 100000 aud
must have H. was sorry have To call upon ne after
promising he would not do So but the tax collectors we're
an Ge' cnr. 81 few weeks and VIVA. he asked
needed only Temporarily ana a. thc none c~o inc 'Ho
felt that, as had been the agent nat fw GISs ana
these nattcrns notices hd hcrn %"o ,sr tp1
positio 10 permit the neIcst Of the state Ia 20 In de
init Therefore consented advance the money. and
the interest of state paid and the credit pro
tectcd with my money The treasurer thc rctuIhen 20
Alabama and In the course OF few weeks received
disnntch from him stating that he had drawn upon me Al
sixty days sight for, think IL was SfuvVV, ana 10
treasury before maturity Of the OBLIGATIONS TO pro
ON this assurance my rrin accepted ,he GRAFT 1
few DAYS prior the maturity Of these dras received
the following dispatch from the Treasurer OF he state oil
You will please remit cable to the Union Bank Of IondSa
t S1 SOG Bank 40 on Monday WI 10 YSI. ?.
the full amount Of money to provide Tor Tie
entire states indebtedness TO your hrn.
Again. relying upon oposltiye an assurance, The ad
ditional amount was remitted by cable to The Union
Rank London acknowledgement, but the Treasurer
did not nor did he arrive for long time afterward ana
he dd It was without any MONEY n%t Pey of
the state having six months 10 run. but with The positive
and rdgc ,6a t he pra nS for y the @
moneys that caine into the treasury from and that
The money rs fast received should he cmtcd To take
these notes up after the other, and that although
the had six months to run the S,ste Momh orf
10 take them up within thirty days This PROMISE INC
all previous ones was not carried ont a.,
failed 10 receive any money from the state or Ana
m herr, and money vas very light. Jay Cooke Co had
failed. well great many Other houses 'n no, @
tons and felt wise for TO gather IN all the money
that was possible De obtained as to ioruy my nr
The storm that yos 0o n a ,Sr Of ea0
to r. G. Calhoun president OF the Fourth National Bank
where my rm kept an ateo ai !" we 10 the Treas
urcr Of the State Of Alabama, Notifying 10 nm that Dis
bank held Ss b nCes 6G ey on payment &C.
count etc. thinking that the state might respond oy re-
miting TO them, although 1t had failed to keep promises
WYE Ne" ~" York, April 90, 1857.
In relation TO the above matter the following letter has
been received from prominent member OF the cotton
Exchange. who declares himself responsible for the
statements therein contained:
m the Edftor OF me tribune.
GIN. In uscc 10 such members Of the New York Cot
ton Exchange a. may interest In the matter OF tho
withdrawal OF the application for membership OF hehry
& Ca not based upon the matter OF Georgia bonds,
but had u basis the transaction Win the SA,e OF AIN
reference TO this Transaction and TO Mr. Cloves stare
men In THE TRIBUNE OF this morning. that certain notes
Hv him lodged with the Fourth National Bank for coeo-
lion n should be stated that the Fourth National Bank
money coateraiiy upon them, TO be plain about t. he
or his rm according TO the evidence Ise eve
bonds as collateral security for their payment without
thia 2sof being specified In the face OF the notes lie OBJ
taned money as stated by pledgng the notes, as col
lateral security, the Fourth National BANK; he also
hvnothecated or sold the bonds obtaining money on
t6em Mere IL as Mr. Clews states that the notes were
with the Fourth National Bank for collection
is II moi strange that the bank still holds them ana Is
anxious TO get the money advanced coaterally upon
them . -. .,.a.ar., a.
| substaruatc them. . -, %, 49,, .,,,,
If ills matter was expainablc by Mr. Ccws there would
seem to be no reason his not appearing before the
proper committee OF the Exchange ana explaining H.
when no doubt the objections to his becoming incnDef
wonld have boon at once Withdrawn.
A MEMBER OF III COTTON EXCHANGE.
Netc- York. April ~, 1857
GARRETT, TIE SWINDLER, PUNISHED
Henry d. Garrett, the plausible and lncooking ex-